LIEXS 65 returning to port or reaching her destination settlement of the loan will be made, or the holder of the bond has the right to exercise his lien, and seize the ship in lien of pay- ment. A respondentia bond applies to a loan on the security of cargo alone, when the master is unable to obtain sufficient money for his purpose against the pledging of his owner's credit or vessel, in which case he may pledge the freight, and finally the cargo. Should a vessel be lost, when a lien is held either by way of bottomry or respondentia, then the holder automatically loses his right of lien, because the object upon which he has the power of exercising such lien has ceased to exist. It will be noticed by reference to the form of bottomry bond in the appendix that the holder of the bond is given settle- ment or right of lien only upon the safe arrival of the ship. When a vessel is seized under a maritime lien, it may not be sold until such a time as action has been taken, and sanction has been given by a court of law for the vessel to be disposed of.